Real Estate Weekly
Image default
Construction & Design Featured

Port Authority unveils new bus terminal plan

The Port Authority of New York and New Jersey has unveiled a new plan for the world’s busiest bus terminal.

The Midtown Bus Terminal project will completely reimagine the 42nd Street terminal and its connection to the Lincoln Tunnel and increase ridership by 40 percent.

It will be designed to serve 100 percent electric bus fleets and feature cutting-edge technology to manage bus movements using autonomous vehicle technology and AI-aided traffic management.

The release of the Port Authority’s final scoping document sets the stage for the Federal Transit Administration (FTA) to begin the federal environmental review process.

“This important step is a turning point in the transformation of the Port Authority Bus Terminal and Manhattan Midtown West into a world-class transportation hub worthy of New York,” said Governor Andrew Cuomo.

“By completely redeveloping the terminal, adding space for commercial development, improving the commuting experience and removing bus traffic and pollution from the surrounding community, we will show New Yorkers and the world that New York is back, and the future is once again bright.” The existing bus terminal was built in 1950 and expanded in 1981. By 2013, the Port Authority had sought out proposals to replace the facility and a list of alternatives was assembled.

In 2019, the Port Authority released a Planning Level Draft Scoping Document which analyzed all prior alternatives  and, following a public comment period, eliminated two of the old ideas.

The new Midtown Bus Terminal plan includes the complete rebuild of the main terminal at its current location; a storage and staging facility that moves commuter buses out of street level storage lots and accommodates intercity buses that previously picked up and dropped off on city streets and; increased public green space.

Approximately three and a half additional acres of new green space between 9th and 10th Avenues would be created by decking over sections of the Dyer Avenue entrance to the Lincoln Tunnel. Those areas will serve as temporary staging locations during early phases of construction and will be transformed for public green space at the completion of the construction project;

With $3 billion in its capital plan to pay for the project, the PA aims to raise more cash by selling the development rights of up to four new high-rise towers as well as PILOT deals.

The towers would include one on 8th Avenue between 41st Street and 42nd Street; one on 9th Avenue between 40th Street and 41st Street; one on 11th Avenue between 39th Street and 40th Street; and one on 10th Avenue between 39th Street and 40th Street.

The construction plan for the new bus terminal will be developed with the construction industry and with the local community. Tentative plans call for a phased construction approach including the staging and bus storage facility to occur first, so that it can serve as a temporary terminal while the existing terminal is being demolished and rebuilt. The decking over of sections of Dyer Avenue would occur early in the phased construction also providing temporary bus staging locations while the main bus terminal is completely rebuilt. Once completed, the decked over areas of Dyer Avenue will become important public green space that reknits the local community.

The Port Authority also intends to seek financial assistance from existing FTA programs or from a new federal infrastructure program enacted under the new Biden Administration.

This multi-source financing model proved successful in the financing of the just-opened Moynihan Train Hall.

Port Authority Executive Director Rick Cotton said, “The Port Authority is committed to dramatically transforming one of the region’s most notorious and out of date transit facilities.”

(Visited 1 times, 1 visits today)

Related posts

Italian chocolate masters lease NYC basecamp for US retail expansion

REW

Chicago brokerage expands into NYC with big-name hire

REW

Douglaston completes build-out for urgent care center at Crossroads Plaza

REW